§ Mr. Austin Mitchell
To ask the Secretary of State for Trade and Industry whether he has any plans to exempt any auditing firms from the monitoring and compliance rules in accordance with schedule 11 (10) of Companies Act 1989.
§ Mr. Redwood
Under paragraph 10 of schedule 11 of the Companies Act 1989 anybody seeking recognition as a supervisory body under part II of the Act must have adequate arrangements and resources for the effective monitoring and enforcement of compliance with its rules. The Secretary of State must be satisfied that an applicant's proposals meet this requirement before he can recognise the body.